ST. JOHN’S, N.L. – The Government of Newfoundland and Labrador is absorbing the operations of Crown-owned Nalcor Energy into the province’s hydro utility.
Premier Andrew Furey made the announcement Wednesday at a news conference in St. John’s.
He says work has begun to review Nalcor’s corporate and governance structure in an effort to find efficiencies and cost savings.
Both Furey and Energy Minister Andrew Parsons say no estimates or targets have been set for cost savings, and while Parsons says there won’t be mass layoffs, there will be opportunities for attrition.
Nalcor Energy has overseen the troubled Muskrat Falls hydroelectric project in Labrador, which has roughly doubled in cost to $13.1 billion.
Furey says moving Nalcor’s operations into Newfoundland and Labrador Hydro is the first of many steps in dissolving the energy company and it will take some time.
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